Starting February 1, your TWIA residential clients may use the Wellington Residential Interest-Free 10-Pay Plan (“The Wellington 10-Pay Plan”).
What is the Wellington Residential Interest-Free 10-Pay Plan?
It is a temporary payment plan for TWIA residential policies. Policyholders on this plan pay 25% of their premium when the policy is issued. The remaining premium amount is spread evenly over the next nine months. All payments are interest-free.
When Will the Payment Plan Be Available?
The Wellington 10-Pay Plan will only be available from February 1 until the second quarter of this year when TWIA will implement a significant systems upgrade. As part of the systems upgrade, TWIA will begin offering 10-Pay, 4-Pay, and 2-Pay plans that will all be interest-free. TWIA’s payment plans will not require the use of a premium finance company.
Any policyholder who uses the temporary Wellington 10-Pay Plan may stay on the payment plan until their next policy renewal. Once it is time to renew their policy, they can switch to TWIA’s 10-Pay plan to continue a similar payment schedule.
How Can I Help My Clients Use This Payment Plan?
Instructions for using this payment plan are on the TWIA website. You may also refer to this job aid when paying for a policy using this plan.
If you have any questions, please contact TWIA Policy Services at [email protected] or (800) 788-8247.